Moderate Employment Growth Reported by Federal Reserve Banks
The twelve Federal Reserve districts have reported continued economic expansion at the end of 2005, with New York, Philadelphia, Chicago, St. Louis, Minneapolis and Kansas City reporting moderate or modest growth. More solid growth was reported by the six other districts they are San Francisco, Richmond, Atlanta, Dallas, Cleveland and Boston.
Moderate employment increases were also reported and while labor markets tightened in some areas and for some occupations, moderate wage increases were the norm.
In other economic news, retail and producer prices rose only moderately or remained stable, assuaging inflation fears and generally indicating potential for stabilizing interest rates. Most districts also reported increases in retail sales, manufacturing activity and commercial real estate activity. The residential real estate market, meanwhile, showed signs of slowing slightly.